Depends on the use. LOVE silicone for partner play and any non-silicone toys, but alas my favorite toys are silicone and thus not compatible. But what it really comes down to is brand and type. There are some water based lubes that are far better than some silicone. But as it stands my favorite silicone beats my favorite water based.

I prefer water based but I will use silicone at times. Mostly because I have had a bartholin cyst and my doctor told me it was the lube I was using. Which is why I never use oil based lube, and only use silicone lubes infrequently (vaginally).